Rexnord $225 million 10-year notes talked at 10¼%-10½%, pricing Tuesday afternoon

By Paul A. Harris

St. Louis, Nov. 18 - Price talk of 10¼%-10½% was heard Monday on Rexnord Corp.'s upcoming sale of $225 million of 10-year senior subordinated notes (B3/B-), according to a syndicate source.

The deal is expected to price Tuesday afternoon, the source added.

Credit Suisse First Boston and Deutsche Bank Securities Inc. are the bookrunners.

The Rule 144A notes are non-callable for five years.

Proceeds will be used to help fund the LBO of Rexnord from Invensys plc by The Carlyle Group.

The issuer is a Milwaukee-based manufacturer of industrial conveying equipment.

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